SHANGHAI |
SHANGHAI Feb 15 (Reuters) – Chinese companies listed on the
startup board in Hong Kong must transfer to the main board before
they can apply for a listing on the mainland’s stock exchanges,
the official Securities Journal reported on Tuesday, citing an
unnamed source.
Since the launch of China’s Nasdaq-style Chinext market in
2009, many Chinese companies currently listed on the Growth
Enterprise Market (GEM) in Hong Kong have planned to enter the
yuan-denominated A-share markets on the mainland, the Securities
Journal said.
However, the China Securities Regulatory Commission (CSRC)
will not consider any listing application by these companies for
the time being, the Securities Journal said, citing an unnamed
source it described as authoritative.
Currently, there are about 40 Chinese companies listed on the
GEM market in Hong Kong, the Securities Journal.
The one-year-old Chinext board in Shenzhen, where new
listings typically have fetched a price-to-earnings ratio of
50-60 times, recorded more than a hundred new listings in the
last year alone.
(Reporting by Soo Ai Peng; Editing by Ken Wills)